Paragon Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Paragon Bank is a UK easy-access savings account for savers who want a variable rate, simple online opening and deposit protection, rather than the highest return available. Its rate of 1.5% sits far below the 3.08% median, so the case rests on ease and protection, not interest.
Key facts
- Best for
- A straightforward UK easy-access pot opened online, with savings protected.
- Headline rate
- 1.5%↗
- Rate type
- Variable↗
- Deposit protection
- FSCS up to GBP 85,000↗
- Access terms
- Easy access, apply online↗
- Account kind
- Easy access↗
- Legal entity
- Paragon Bank PLC↗
- Headquarters
- United Kingdom↗
- Founded
- 2014↗
- Support channels
- Help-centre↗
- Official website
- paragonbank.co.uk
Facts checked September 26, 2026, 3 sources
Apps and profiles
- Get the app
- App Store
- Elsewhere
- TrustpilotLinkedInfacebook.com
Pros and cons
Pros
- Variable rate of 1.5% that can move with the market
- Deposits covered by FSCS up to GBP 85,000
- Accounts are easy access and opened online through Easy access, apply online
- A UK bank, Paragon Bank PLC, authorised by the Financial Conduct Authority in the United Kingdom
Cons
- A rate of 1.5% ranks 350 of 473 and sits under the 3.08% median
- Support runs on help centre only, with no other channel listed
Who it suits
- Savers building an emergency fund who need access to their money
- Anyone who puts the Financial Conduct Authority authorisation and FSCS up to GBP 85,000 ahead of the rate
- Customers happy to open and run the account online
Who should look elsewhere
- Savings hunters chasing a top rate, where the 3.08% median leaves room to do better
- People who want a person on the phone, since support is help centre only
- Plazo ES, if a higher return matters more than easy access
Deposit protection
Paragon Bank is Paragon Bank PLC, a UK bank authorised and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority. Deposits sit under FSCS up to GBP 85,000, so the balance is covered to that limit through the scheme. Savings are held in pounds sterling and the account is easy access, with no term to run out before you can get the money back.
How Paragon Bank compares
8.4 vs 8.6
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8.4 vs 9.1
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8.4 vs 9.0
8.4 vs 8.1
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8.4 vs 8.0
8.4 vs 9.5
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8.4 vs 9.0
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8.4 vs 9.0
Where Paragon Bank is available
- Available
- United Kingdom
- Licence in United Kingdom
- Financial Conduct Authority (604551), checked September 26, 2026
- Licence in United Kingdom
- Prudential Regulation Authority, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What rate does Paragon Bank pay on its easy-access account?+
The easy-access account pays a variable rate of 1.5%, so it can rise or fall with the market rather than being fixed for a term. That figure places it at 350 out of 473 brands compared on headline rate, and below the 3.08% median for savings accounts on the site.
Are my savings protected if Paragon Bank stops trading?+
Yes. Deposits are covered by FSCS up to GBP 85,000, which protects eligible balances up to the stated limit. The account is offered by Paragon Bank PLC, a UK bank, and the account type is easy access, so the money is held as a bank deposit rather than an investment.
Who regulates Paragon Bank?+
Paragon Bank is authorised and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority. The bank carries Financial Conduct Authority reference 604551, and it has traded since 2014 from its UK base.
How do I open the account?+
The savings account is easy access and the access terms are Easy access, apply online. Opening runs through the bank online, so there is no branch visit listed, and the account can be applied for from the Paragon Bank savings pages.
What support can I reach if something goes wrong?+
The listed support channel is help centre. Phone and chat are not among the channels shown for this account, so a quick answer by phone is less likely than with a bank that lists a broader help-centre and phone support.
Is Paragon Bank a good fit for an emergency fund?+
It suits an emergency fund because the account is easy access and deposits carry FSCS up to GBP 85,000. The trade-off is the variable rate of 1.5%, which ranks 350 of 473 against a 3.08% median, so it holds cash rather than growing it quickly.
Sources
- en.wikipedia.org/wiki/Paragon_Bank checked September 26, 2026
Backs: Founded
“In February 2014, the Paragon Group of Companies PLC launched Paragon Bank which offers a range of internet-based savings accounts and car finance.”
- web.archive.org/web/20260113100315/https://www.paragonban... checked September 26, 2026
Backs: Deposit protection, Headquarters, Legal entity, Licences
“Head office Paragon 51 Homer Road Solihull West Midlands B91 3QJ”
- web.archive.org/web/20260204083849/https://www.paragonban... checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Rate type, Support channels
“Easy Access Savings Account ... How to Apply: Online”
Compiled from 3 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Term, Minimum deposit.
Related by the facts
Paragon Bank
A straightforward UK easy-access pot opened online, with savings protected.